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Earn A Little, Save A Little
Is there too much month left at the end of ur paycheck and are u wondering where all the money went? Good money management is important. We must obtain self-control and proper attitude in the use of money. Money should NOT be a bondage for us, though, even as I write this, I know how hard this concept is. Our goal to financial freedom has four characteristics: 1. Our assets exceed our means. 2. We are able to pay our bills as they are due. 3. We have no unpaid bills. 4. We are happy where we are. These made me laugh, because with the way finances are now a days, this is an almost impossibility for the major part of us. But, we can try to reach this point in our financial planning. Read on to find out more.
A good way to save money is to put every bit of change at the end of each day in a piggy bank, jar, or locked box. Include single dollar bills. Faithfully deposit this every week into ur bank account if u own one or, as i said, use a lock box and no matter what, do NOT touch this money, act as if its not there. Maybe out of sight out of mind will work here. :)
Never keep more money than is necessary in a no-interest checking account, UNLESS u qualify for free checking or other benefits. Put ur money in a bank where interest is compounded, but not if its compounded yearly, make it semiannually or quarterly. If u write a lot of checks, ordering them through a printer rather than through the bank will save u money. (VistaPrint is a good one). If u have direct deposit to ur bank account, some banks will waive certain fees. Stay informed by going to the bank with specific questions, make a list if need be.
This is hard to do, its rare anyone can do so, but u can make it a financial goal to reach...Keep at least two months worth of income in ur savings account for big unforeseen expenses such as, but not limited too, unexpected home or car repairs or a sudden illness.
The maximum amount of credit debt payable per month should never go over 25% of ur monthly gross income, and thats before deductions. Dont rely on just ur bank for loans, shop around, most credit unions charge less for loans. If u cant make a payment on ur credit debt, see ur creditor and discuss rearranging the payment plan. NEVER sign a credit contract that has a "balloon" clause. It stipulates a final payment that is much larger than any of the installments that proceed it.
Although ur home could be used as security on a second mortgage so u can go on a vacation or buy a new car, its best to take out a personal loan for these things rather than a second mortgage used for casual expenditures.
Use only cash for things u will soon use up, such as food, cleaning supplies and necessities Use credit for things u will use long term or for emergencies. Use coupons when buying food. Check ur newspapers and shoppers frequently. Always prepare a shopping list with a full week of planned menus. Always plan a menu so u can make good use of the coupons and flyers in ur newspapers. Dont purchase impulse items, stick to ur list only. Always check the lower shelves for lower priced items. Compare prices at all the stores u shop and write down the product name and prices so u will know where the cheapest item is at and also if a coupon will make it cheaper. Also, foods on the end caps may look discounted, but more likely they are not. Check expiration dates and realize stores pull old items forward and stock newer items at the back. :)
If u work, pack a lunch from home, stop going out to eat. Make shopping quick, get in and get out, so shop with a list and be quick so temptation doesnt grab u and u wind up over spending. U can save on gas and wear and tear on ur car with mail order magazines or online shopping, BUT, if this has become a way for ur spending habits to spiral out of control and ur debt to increase, fore go it. Stop all unnecessary spending on items u really do not need. Do not buy from door to door sales people. Stagger medical and dental appointments through out the year so ur not bombarded with a huge bill. Go to the country and buy fresh produce and eggs from a farmer, they are usually cheaper and might be willing to bargain or barter. :)
Remember S.M.A.R.T.. When budgeting set both short and long term goals. Maybe a new car next year, college education in 10 years for ur kids, and retirement for urself in 25 years. Setting goals gives u incentive to control ur spending.
Ty for reading my smexy witches! Many wishes for a full piggy bank and future wealth! Blessed be!